Prudential's Hong Kong Sales Fall Last Quarter but New Business Profit Still Records Double-Digit Growth

Prudential reported third-quarter new business profit of US$709 million at constant exchange rates, up 1 per cent year on year, reaching US$2.093 billion year to date, up 6 per cent, with the new business profit margin up 3 percentage points to 42 per cent. Sales in Hong Kong fell during the quarter, but profit still recorded double-digit growth, with both the profit margin and sales of the bancassurance channel rising, partly offset by slower conversion in the sales channel for mainland visitor customers.